Level indicators are an effective tool used in the foreign exchange market. Support and resistance lines are key elements of technical analysis. This method is used by beginners and experienced traders.
To determine the support and resistance level indicator allows. Knowing how to use this tool, you can easily identify points of correction and market reversal. Support and resistance levels help you find places to enter and exit. Based on the data obtained, you can easily determine the stop loss and take profit.
Traders should pay attention to the following indicators:
- Zone;
- PowerDynamiteAreas;
- Lines;
- PZ levels.
It is worth highlighting the last algorithm separately. It allows simultaneous analysis at four time intervals. PZ provides a combination of levels that are quite close. This indicator will help the trader to adjust all the parameters for his trading system. Another important advantage is the possibility of receiving a sound notification and the lack of redrawing. In general, the choice of the indicator depends on the characteristics of the trading strategy.